The monastery, which is dedicated to the Dormition of the Most Holy, was established during the 15th century, with a cathedral constructed around 1508 and painted with murals by Vicko Lavrov from Dubrovnik in 1517.
The monastery remained a seat of the Metropolitans of Herzegovina until the Venetian Empire destroyed it in 1694.
The current monastery building was constructed in 1924. Today, the monastery is renowned for its wine production (in particular from the local Vranac and Žilavka grape varieties) and its wine cellars, one of which dates to the 15th century, which are a popular tourist attraction.